How to Pay Yourself as a Business Owner* Imagine it’s summer, and you decide to paint houses for some extra cash. A neighbor asks you to paint his house, and you calculate the cost of paint: $500. Would you charge him just $500? 🤔 Absolutely not. That wouldn’t even cover your time, effort, or expertise. Now, let’s talk about my friend, Maria, who owns a little café. She’s got happy customers and decent sales, but when I looked at her books, one thing stood out—Maria wasn’t paying herself! She was covering her costs, paying her employees, but not including her own salary in her business expenses. Maria's business wasn’t a business at all. It was a charity—her charity. The reality is that if you’re not factoring in your own pay when pricing your products or services, you’re setting yourself up for failure. Just like Maria and her café, you can’t ignore your own worth in the equation. If you’re running a business, you deserve to get paid! It’s not just about covering costs, it’s about knowing your value and pricing accordingly. If your sandwich (or service) needs to be $1 more to include your salary, then that’s what you charge. If the market won’t bear the price, it’s time to rethink the product—not your paycheck. Smart business owners make decisions based on data, not hope. Know your numbers, factor yourself in, and make sure your business isn’t just sustaining others, but supporting YOU. #BusinessTips #PayYourself #EntrepreneurLife #KnowYourWorth #SmartBusiness #WomenInBusiness
Carolina Aponte’s Post
More Relevant Posts
-
Bookkeepers can be game-changers for camps! They can provide a range of benefits and add value in so many ways - saving money, time, and having a solid financial plan for the future all are essential when running a business. A good bookkeeper will be a great source of wisdom, advice, and knowledge in helping your business to avoid many of the pitfalls and continue to evolve and grow. Bottom line: Investing in a good bookkeeper will definitely increase the worth of your business. I’d love to help you gain the insights you need to understand and manage your camp finances so you can get back to running and growing your camp. Book a call with us today. . . . #BookkeepingServices #FinancialSuccess #VirtualBookkeeping #RemoteBookkeeper #BookkeepingPro #Bookkeeper #BookkeepingTips #Accounting #Bookkeeping #CloudBookkeeping #BusinessOwner #EntrepreneurLife #Entrepreneurship #SmallBiz #TaxTime #TaxTips #TaxHelp #nonprofit #nonprofitsofinstagram #nonprofitorganization #youthcamp #youthcamps #outdooreducation #outdooreducationprograms #educationoutdoors #virtualbookkeeper #remotebookkeeper #CampLedger
To view or add a comment, sign in
-
Attention business owners! If you paid $600 or more to a non-employee contractor or an unincorporated business this year, don’t forget you need to issue them a 1099-NEC by January 31, 2025. Similarly, third-party payment processors like PayPal must issue 1099-K forms by this date for accounts that fall within the new reporting threshold requirements. Get started now to avoid last-minute stress and gather all necessary information like your contractor's W-9 form and make sure everything is accurate. As a self-employed individual, you should wait to file your tax return until you've received all your 1099 forms to ensure your reported income matches. Need help managing your 1099s? We're here to help! . . . #Deadline #Entrepreneur #BusinessBookkeeping #BusinessAccounting #Bookkeeping #Accounting #SmallBusiness #nonprofits #entrepreneurs #smallbusinessowners #newcastlebookkeeper #delawarebookkeeper #SerioServicesLLC
To view or add a comment, sign in
-
With the holidays in full swing, it’s easy to get wrapped up in the sales rush. But while things are busy, don’t forget to keep an eye on your cash flow and expenses! Tag a business friend who could use this reminder . . . #Holiday #Entrepreneur #BusinessBookkeeping #BusinessAccounting #Bookkeeping #Accounting #SmallBusiness #nonprofits #entrepreneurs #smallbusinessowners #newcastlebookkeeper #delawarebookkeeper #SerioServicesLLC
To view or add a comment, sign in
-
Let's talk about why giving your financials a regular review is so important. 🧐 Whether you're a business owner or a start-up, keeping tabs on your money matters can save you a ton of headaches down the road. From spotting sneaky expenses to catching opportunities for growth, staying in the know is key! Not every entrepreneur has the knowledge or time to handle the financial tasks needed to run a successful business. If you find yourself in need of some assistance with your business finances, contact us today! . . . #FinancialReview #BusinessTips #VirtualBookkeeping #RemoteBookkeeper #BookkeepingPro #Bookkeeper #BookkeepingTips #Accounting #Bookkeeping #CloudBookkeeping #BusinessOwner #EntrepreneurLife #Entrepreneurship #SmallBiz #TaxTime #TaxTips #TaxHelp #nonprofit #nonprofitsofinstagram #nonprofitorganization #youthcamp #youthcamps #privateschool #outdooreducation #outdooreducationprograms #educationoutdoors #virtualbookkeeper #remotebookkeeper #UTbookkeeper #BountifulBookkeeper
To view or add a comment, sign in
-
Let's talk about why giving your financials a regular review is so important. 🧐 Whether you're a business owner or a start-up, keeping tabs on your money matters can save you a ton of headaches down the road. From spotting sneaky expenses to catching opportunities for growth, staying in the know is key! Not every entrepreneur has the knowledge or time to handle the financial tasks needed to run a successful business. If you find yourself in need of some assistance with your business finances, contact us today! . . . #FinancialReview #BusinessTips #VirtualBookkeeping #RemoteBookkeeper #BookkeepingPro #Bookkeeper #BookkeepingTips #Accounting #Bookkeeping #CloudBookkeeping #BusinessOwner #EntrepreneurLife #Entrepreneurship #SmallBiz #TaxTime #TaxTips #TaxHelp #nonprofit #nonprofitsofinstagram #nonprofitorganization #youthcamp #youthcamps #outdooreducation #outdooreducationprograms #educationoutdoors #virtualbookkeeper #remotebookkeeper #CampLedger
To view or add a comment, sign in
-
Finances are your business’s fuel; without it, your business is a flop🫠 Stop turning a blind eye and giving mates rates to every random Joe Blow. Your ‘mates’ will understand this and WANT to pay you for your services🔥🚀 You gotta put food on your table to fuel yourself. You gotta have finances to do this… You gotta put a roof over your head; You gotta have finances to do this… PLUS, if you got a team, you’re the one responsible for doing all of this for them too. How are you gonna do this if you keep giving out “mates rates”?🫠🤯 I ran 25kms the other day & it clicked for me like never before… Food > Fuel. Without FUEL, you cannot run the distance or drive the distance. Finances > Fuel. Finances are your FUEL for business & without it, your business will flop, your visions won’t be achieved, & that impact you want to create is unlikely to happen… The more Finances you have; The more impact you can create; The more good you can do. If there’s no cash flow coming into your business, you can’t do any of this. So, do you have a business or a charity? You NEED Finances for business & you NEED to start looking at: Where you’re spending too much. Where you’re not spending enough. What’s bringing in money. What’s costing you money. Where most of your time is being allocated & if that ‘thing’ is even worth the time it’s being allocated OR if it’s costing you. Finances are FUEL for your business to have an impact, provide food on your table, and your team’s table too. Stop thinking “she’ll be right” and start bringing more awareness to your finances, or you’ll be left with a flop of a business… Comment “mates rates" below for a free finance tracker! #airbnb #airbnbhost #shorttermrentalmanagement #finance #airbnbdesigner
To view or add a comment, sign in
-
Last month's update: I always tell my team, if the client doesn't understand how expensive Digital marketing generally is, it's our duty to educate them about it and that's that... we never should agree for a lower rate -- as this is a poor reflection of the business owner's standards for his business. After the success of our first year, we as a team were working with 5 business owners for free this month. We decided to work on these projects because we believed in the brand's and the cause. This is not to say we are entertaining free work and bargaining. We judge our clients before onboarding as much as, they are judging us. It's important to see, we fit together! The moral of the story is, free is also a rate -- but the important thing is to not settle for a lower rate. This is not to say, we are doing charity and my team agrees we will pick and choose our clients, we don't entertain cheap bargaining but we believe in making a difference. We are all working for salaries..while not compromising on our pay, how we are treated and not forgetting our passion for the cause! Pro tip: Choosing a client, is the hardest part of my day. But we make decisions depending on the cause, the competition and the cost. #businesstips #entreprenuershiptips #newenterperneur #ethicsandvalues #moneytips #earningtips
To view or add a comment, sign in
-
Attention business owners! If you paid $600 or more to a non-employee contractor or an unincorporated business this year, don’t forget you need to issue them a 1099-NEC by January 31, 2025. Similarly, third-party payment processors like PayPal must issue 1099-K forms by this date for accounts that fall within the new reporting threshold requirements. Get started now to avoid last-minute stress and gather all necessary information like your contractor's W-9 form and make sure everything is accurate. As a self-employed individual, you should wait to file your tax return until you've received all your 1099 forms to ensure your reported income matches. Need help managing your 1099s? We're here to help! https://lnkd.in/eWjVg4nm #Deadline #Entrepreneur #bookkeeping #accounting #bookkeeper #quickbooks #nonprofit #nonprofits #churches #smallbusiness #smallbusinessowner #smallbiz #CreativeServices #Creatives #YorktownBookkeeper #YorktownAccountant #VirginiaBookkeeper #VirginiaAccountant #BookkeepingBoutique
To view or add a comment, sign in
-
Curious if your industry is covered? Here’s just a taste of the diverse sectors we proudly serve across Canada and the USA! From construction to wellness, retail to nonprofits, and everything in between—our bookkeeping services are tailored to fit your needs, no matter your field. If you don't see your industry listed, don’t worry—chances are we’ve got you covered too! 🌎 Let’s get your books in order and fuel your business growth. #path2profit #bookkeepingservices #growthstrategy #businessowners #industryexperts
To view or add a comment, sign in
-
📈 Looking to boost your profits without raising prices? Here are some smart strategies to consider: 1. Streamline operations, negotiate with suppliers, and outsource non-core activities. 2. Expand your market, enhance marketing efforts, and improve customer retention. 3. Introduce new offerings and upsell/cross-sell to existing customers. 4. Invest in technology and train employees to boost productivity. 5. Consider dynamic and value-based pricing. By combining these strategies, you can increase your profits effectively. Have a question about your camp finances? Drop them in the comments below. #Value #BusinessSuccess #VirtualBookkeeping #RemoteBookkeeper #BookkeepingPro #Bookkeeper #BookkeepingTips #Accounting #Bookkeeping #CloudBookkeeping #BusinessOwner #EntrepreneurLife #Entrepreneurship #SmallBiz #TaxTips #nonprofit #nonprofitsofinstagram #nonprofitorganization #youthcamp #youthcamps #outdooreducation #outdooreducationprograms #educationoutdoors #virtualbookkeeper #remotebookkeeper #CampLedger
To view or add a comment, sign in